Thank you for being a part of the Swan Mission!
IRA contributions are net new additions of funds into a designated retirement account. Funds added as a contribution were not legally within the retirement structure prior to the contribution (this stands in contrast to transfers or rollovers, which are transfers of funds already within retirement structures).
You can contribute new USD to your Swan IRA through three methods:
1.) Wire transfer
2.) Direct Deposit
3.) Direct Purchasing (Instant ACH)
All three options are shown in the drop-down menu of the Swan IRA, as shown below. Know that your wiring instructions and direct deposit options for your IRA account are different than the instructions for your personal account.
The IRS maintains annual contribution limits. These limits vary depending on your age and income. Thus, Swan does restrict customers' deposits into their IRAs based on these limits. It is your responsibility to make sure you stay within the contribution limits. Read here for IRS guidance on contribution limits. Please note that purchasing fees count toward contribution limits, but monthly maintenance fees do not.
Our custodial partner reports IRA contributions on the IRS 5498 form in May every year. If you have any questions, reach out to us at firstname.lastname@example.org.